Question

The form of income statement that derives its name from the fact that the total of all expenses is deducted
from the total of all revenues is called a

a. multiple-step statement
b. revenue statement
c. report-form statement
d. single-step statement

Answer 1

Answer:

d. single-step statement

Explanation:

A single step income statement is a statement format that lists all the total expenses and also total revenue in a simplified format. The net profit or net loss is presented at the bottom of the balance sheet. Single step income statement is usually adopted by organization or business that runs simple operation such as a sole proprietorship, service companies, and partnership business

Answer 2

Answer:

The correct answer is letter "D": single-step statement.

Explanation:

A single-step statement is a simplified income statement portraying the total revenues and gains at the top of the statement and the company's expenses and losses at the bottom. Depending on the purpose of what this information will be used, some managers might consider the single-step statement lacking details even if it is easier to understand.